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Saks Global Emerges from Bankruptcy as Exemplar Luxury Group with New Leadership, Reduced Debt, and a Smaller Store Portfolio

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Saks Global Emerges as Exemplar Luxury Group After Chapter 11 Restructuring

The parent company of Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman has completed its Chapter 11 restructuring, emerging as Exemplar Luxury Group with drastically reduced debt and a streamlined store portfolio.

Bankruptcy Filing and Financial Restructuring

Saks Global filed for Chapter 11 bankruptcy protection on January 14, 2026, in the US Bankruptcy Court for the Southern District of Texas. The filing followed the company's accumulation of a significant debt load, stemming largely from its acquisition of Neiman Marcus for $2.65 billion in mid-2024. According to the company, the debt upon filing was $3.4 billion.

  • Debt Reduction: Upon emergence, Exemplar Luxury Group reported that it had reduced its debt by nearly 75%.
  • New Financing: The company secured $500 million in new financing as part of the restructuring process. A separate $1.75 billion in bankruptcy financing was approved by a judge to fund operations during the proceedings.

Amazon Objection

Amazon, which invested $475 million in Saks Global in December 2024, requested a federal judge to reject the company's bankruptcy financing plan. Amazon stated that its equity investment was "presumptively worthless" and argued that the plan would push Amazon further down the repayment priority list. Amazon also claimed that Saks "burned through hundreds of millions of dollars in less than a year" and failed to uphold a previous agreement to sell products on Amazon's website. The court authorized Saks to access the financing, with a ruling on Amazon's specific request still pending.

Vendor Payments

Following the bankruptcy filing, over 500 brands resumed shipments. Payment concerns with vendors including Chanel, Dolce & Gabbana, and LVMH, as well as landlords and Amazon, regarding goods shipped prior to the filing, were resolved.

Leadership Transition

The company underwent multiple leadership changes during the bankruptcy process.

  • Marc Metrick: Marc Metrick, who had been with Saks for nearly 30 years and served as CEO of Saks Global since its formation in July 2024, stepped down in early January 2026. The company stated he resigned to pursue new opportunities.
  • Richard Baker: Richard Baker, the Executive Chairman of Saks Global, was appointed CEO. He held the role for less than two weeks before stepping down.
  • Geoffroy van Raemdonck: Geoffroy van Raemdonck, formerly the chief of Neiman Marcus, assumed the role of CEO during the bankruptcy proceedings. Upon the company's emergence, he is confirmed as CEO of Exemplar Luxury Group.

Store Portfolio and Closures

As part of its restructuring, Saks Global significantly reduced its store footprint. The new company, Exemplar Luxury Group, operates a total of 49 stores.

Closures

  • Saks Off 5th: Approximately 60 of the roughly 70 Saks Off 5th discount stores were closed. 12 locations remain operational. The website Saksoff5th.com also ceased operations.
  • Neiman Marcus Last Call: All five remaining Last Call stores were shuttered.
  • Flagship Stores: 15 additional stores were closed in a later round of closures, including 12 Saks Fifth Avenue and 3 Neiman Marcus locations.

Remaining Locations

The surviving portfolio consists of 15 Saks Fifth Avenue, 33 Neiman Marcus, and 1 Bergdorf Goodman stores. The flagship Saks Fifth Avenue store in New York City and the two Bergdorf Goodman stores were not impacted by the closures.

Closure Timeline

Closing sales for select Saks Off 5th stores and all Last Call locations began on January 30-31, 2026. A second wave of closures for 23 Saks OFF 5TH stores was scheduled for February 2. Existing gift cards were honored until mid-February.

New Entity: Exemplar Luxury Group

The company emerged from bankruptcy under the new name Exemplar Luxury Group. van Raemdonck stated the name reflects a focus on the shopping experience and personalized service. The company states it employs over 1,500 sales associates each with more than $1 million in sales.

Board of Directors

Pentwater Capital Management and Bracebridge Capital will each have two representatives on the seven-person board. Other board members include CEO Geoffroy van Raemdonck, former Ulta Beauty CEO Dave Kimbell, and former Moët Hennessy CEO Philippe Schaus.